Shirish Chandra Murmu Appointed RBI Deputy Governor for Three Years
Odisha-born banker to succeed M Rajeshwar Rao, bringing regulatory expertise to central bank’s top team
Bhubaneswar : The Narendra Modi government has appointed Shirish Chandra Murmu as Deputy Governor of the Reserve Bank of India (RBI) for a three-year term, officials confirmed. Murmu, a native of Odisha, will succeed M Rajeshwar Rao, whose extended tenure concludes on October 8, marking a leadership transition at the country’s central bank.
The Appointments Committee of the Cabinet (ACC) formally cleared Murmu’s appointment, paving the way for his entry into the RBI’s highest management tier. Murmu, currently serving as an Executive Director, has been overseeing the Department of Supervision—one of the most critical functions of the central bank, responsible for monitoring and regulating India’s banking ecosystem.
His predecessor, M Rajeshwar Rao, was first appointed Deputy Governor in September 2020. Rao went on to serve for five years following two extensions granted in 2023 and 2024. Under his leadership, the RBI steered the banking sector through pandemic-induced disruptions, liquidity challenges, and reforms in credit monitoring.
The Reserve Bank of India Act, 1934, mandates the appointment of four deputy governors. These include two internal appointees from within the central bank, one representative from the commercial banking sector, and one economist to lead the monetary policy function. With Murmu’s induction, the panel of four is now complete, alongside T Rabi Sankar, Swaminathan J, and Poonam Gupta.
This diverse team is tasked with guiding the RBI’s policy directions at a time of rapid transformation in the financial sector. Murmu is expected to add significant value, given his extensive regulatory experience and strong track record in financial oversight.
Murmu’s rise from Executive Director to Deputy Governor reflects the RBI’s recognition of his expertise in banking supervision and governance. His appointment comes at a time when the central bank is facing multiple challenges—balancing inflation management with economic growth, overseeing the roll-out of digital currency initiatives, and reinforcing governance standards in both public and private banks.
Analysts note that his leadership in supervision will be particularly important as the RBI intensifies its focus on strengthening financial institutions and addressing emerging risks in the digital era.
Murmu’s appointment also carries symbolic weight for Odisha, as he becomes one of the few from the state to rise to such a prominent role in India’s financial sector. Observers suggest his success story could inspire young professionals from the region to pursue careers in economics, finance, and public policy.
With his three-year term beginning this month, Murmu will be instrumental in shaping the RBI’s regulatory agenda and contributing to its broader mission of ensuring monetary stability, promoting inclusive growth, and safeguarding India’s financial system.
